From January to November 2012 SOCAR's Marketing and Economic Operations Department exported 18,552,199 tons of crude oil from the Turkish port Ceyhan in the Mediterranean Sea via the Baku-Tbilisi-Ceyhan (BTC) oil pipeline, down 13.1% against the same period in 2011, reported SOCAR press office.
The figures of the Department include the oil belonging to SOCAR as well as Azerbaijan's share in the production sharing agreements (PSA).
This means that Azerbaijan's incomes from crude oil export are going down. For the first time since 1997 the country's profit from the oil export will go down. Before that oil export brought more incomes to Azerbaijan year after year.
* Azerbaijan sold its first oil consignment from Novorossiysk port, which belonged to SOCAR, on December 25, 1997.
** During 2011 the State Oil Fund of Azerbaijan (SOFAR) got about $19.25 billion from the crude oil sales. During 9 months, 2012 this index totaled $12.1 billion.-0--
Economics
-
Azerbaijan is set to significantly increase the proportion of electricity generated from renewable sources, currently standing at 14.4%, Deputy Economy Minister Samad Bashirli announced on Thursday at the Think Tanks Forum of the Organization of Economic Cooperation (OIC) held in Baku.
-
Azerbaijan has entered into a partnership with Italian energy firm Technip Energies SpA to implement a pyrolysis oil production project aimed at enhancing waste recycling and promoting sustainable development, officials said on Tuesday.
-
Belarus and Azerbaijan signed multiple cooperation agreements on Tuesday following talks between Belarusian Prime Minister Roman Golovchenko and Azerbaijani Prime Minister Ali Asadov during Asadov’s official visit to Minsk on October 3.
-
Azerbaijan's state borrowings continue to increase, despite the country still benefiting from high global oil prices. The Ministry of Finance of Azerbaijan reported that as of the first half of 2024, the country's state debt amounted to 25 billion manats, which corresponds to 21% of its Gross Domestic Product (GDP).
Leave a review